Indian benchmark indices closed lower for the third straight day on Friday
At close, the Sensex was down 0.35% at 65,397.62 points, while Nifty was down slipped 0.42% at 19,542.70 points. The Indian rupee closed 12 paise higher at 83.12 against the US dollar versus the previous close of 83.24. All the sectoral indices ended in the red today.
The Indian market although staged a mild recovery from opening lows as it entered the second hour of trade. Nifty climbed above 19,550 and Sensex inched towards the crucial 65,500 mark. Nifty Bank was seen hovering around 43,600 with nine out of its 12 constituents trading in the red.
Indian market is tracking the dip in the international markets after US Federal Reserve Chair Jerome Powell and deepening conflict in the Middle East. Hindustan Unilever is the top loser on Nifty following its second-quarter earnings report, ITC also opens with cuts of nearly 1%.
The street is expecting the September quarter earnings from JSW Steel, Hind Zinc, JSW Energy, L&T Financial, Laurus Labs, and Paytm. The stocks will remain in focus today.
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Oct 20, 2023, 3:54 pm IST
Stock Market Closing Update October 20: Sensex Falls 0.35%, Nifty Ends Below 19,550 Level; All Sectors In Red
Indian benchmark indices closed lower for the third straight day on Friday
At close, the Sensex was down 0.35% at 65,397.62 points, while Nifty was down slipped 0.42% at 19,542.70 points. The Indian rupee closed 12 paise higher at 83.12 against the US dollar versus the previous close of 83.24. All the sectoral indices ended in the red today.
Oct 20, 2023, 3:34 pm IST
Kotak Bank Gets RBI Permission To Acquire Sonata Finance
Kotak Bank said on Friday that the RBI has conveyed its approval to the Bank, for acquiring 100% of the issued and paid up capital in Sonata, and to make Sonata a Business Correspondent subsidiary of the Bank. Upon completion of the aforesaid transaction (subsequent to receipt of other requisite approvals), Sonata will be a Wholly-Owned subsidiary of the Bank.
Oct 20, 2023, 2:38 pm IST
IGL, MGL Shares Nosedive Over 10% Today After Delhi Government Gives Nod To EV Policy
The share price of Shares of City Gas Distribution companies Indraprastha Gas (IGL) and Mahanagar Gas (MGL) fell almost 11% during the intraday trading on Friday after the Delhi government gave nod to the the electric vehicle (EV) policy for cab aggregators and delivery service providers.
Oct 20, 2023, 2:16 pm IST
Adani Shares Trade Mixed After Supreme Court Defers Hearing In Adani-Hindenburg Row
Most Adani group shares traded mixed after the Supreme Court deferred hearing in the Adani-Hindenburg case by another 10 days on Friday. The share price of Adani Enterprises was down 0.58% at Rs 2388 per share is 1:38 pm IST. The share price of Adani Energy Solutions was spotted trading 0.70% higher at Rs 764.40 at 2:03 pm IST, while Adani Green Energy shares were up 0.02% at Rs 933.00 at 2:02 pm IST.
Maharatna PSU NTPC Declares Record Date For Interim Dividend
The company's Board of Directors will meet in New Delhi on Saturday, October 28, 2023 to declare unaudited financial results for the quarter and half year ended September 30, 2023. The firm has set Saturday, November 4, 2023 as the record date for the purpose of ascertaining the eligibility of the shareholders for payment of interim dividend, if declared by the Board.
Oct 20, 2023, 1:36 pm IST
Elecon Engineering Surges As Q2 PAT Jumps 37.4% YoY To Rs 88.6 Cr
After the firm reported that its net profit climbed by 37.4% in the quarter ended September 30th 2023 compared to Rs 64.5 cr in the year-ago quarter, the shares of Elecon Engineering firm were trading with an upside gap of 2% at Rs 802 on Friday. The company's revenue climbed by 24.8% to Rs 484.9 cr in Q2FY24 from Rs 388.6 cr in Q2FY23, and its EBITDA surged by 28.2% to Rs 118.8 cr from Rs 92.7 cr in Q2FY23.
Oct 20, 2023, 12:42 pm IST
Shyam Metalics and Energy Expands Its Portfolio By Acquiring Mittal Corp At Rs 351 Cr
Today, Shyam Metalics and Energy Limited (SMEL) stated that its wholly-owned subsidiary, Shyam Sel and Power Limited, has successfully completed the acquisition of Mittal Corp Limited for a price of Rs. 351 crores. The move solidifies the company's position as a diversified steel and power conglomerate while allowing it to expand its operations and enter the stainless steel market. With plans to invest Rs 7500 crores over the next five years, this expansion represents a significant milestone in SMEL's "diversification approach" within the metal industry. SMEL's current Capex aims to reach Rs. 10,000 Crores in the next five years, promoting employment opportunities by adding 10,000 jobs to the current workforce of more than 15,000 employees across their manufacturing plants in West Bengal and Odisha.
Oct 20, 2023, 12:29 pm IST
TVS Motor Company In Focus
Today, TVS Motor Company made a historic announcement about entering the Venezuelan market. With its local distributor, SERVISUMINISTROS JPG, TVS Motor is now the first Indian automaker to enter the market with a variety of 14 SKUs for the passionate riders of Venezuela. The company will launch 14 products, including two- and three-wheelers, to the market. With operations in more than 80 nations throughout Africa, Southeast Asia, the Indian Subcontinent, Latin America, and the Middle East, the firm is among the top five automakers in the world.
Oct 20, 2023, 12:25 pm IST
Titagarh Rail Systems Rally Over 5% On Signing Contract of Rs. 350 crores
Following the company's announcement that it has signed a contract with Gujarat Metro Rail Corporation Limited (GMRC) for Rs. 350 crores for the Ahmedabad Metro Rail Phase-II Project, shares of Titagarh Rail Systems were trading almost 5% higher at Rs. 836.95 on Friday. GMRC is carrying out the Ahmedabad Metro Rail Phase-II Project for an approximate cost of Rs. 13,500 crore. The project will extend the city's current network of Metro lines by 28.2 kilometers.
Oct 20, 2023, 10:52 am IST
Tata Comm Slips 2% Following Q2 Earnings
The shares of Tata Communications saw a decline of 2% after the company reported nearly 60% fall in its second quarter net profit on a year-on-year basis. However, income from operations grew by 10% and revenue increased by 14% driven by strong demand in connectivity and digital portfolio segments.
Oct 20, 2023, 10:41 am IST
MCX Rises More Than 4%, Snaps 3-day Losing Streak
The shares of Multi Commodity Exchange climb more than 4% to snap its three-day losing streak. The stock has been on a declining trend for the last three trading sessions after the launch of its new Tech platfom on October 16. The MCX stock is currently trading at Rs 2,275 per share.
Oct 20, 2023, 10:25 am IST
Sensex, Nifty Rise Mildly From Opening Lows
The Indian market stages a mild recovery from opening lows as we enter the second hour of trade. Nifty climbs above 19,550 and Sensex inches towards the crucial 65,500 mark. Nifty Bank was seen hovering around 43,600 with nine out of its 12 constituents trading in the red.
Oct 20, 2023, 10:15 am IST
IGL Falls 10% Following Brokerage Downgrade
The shares of Indraprastha Gas fall more than 10% in early trade on Friday marking the third consecutive day of losses after Jefferies downgraded the stock rating to 'hold' and cut its 12-month target price by Rs 100 to Rs 465 from Rs 565 per share. The report stated that Delhi government policy on EV adoption by cab aggregators, delivery service providers and e-commerce entities could potentially impact 30% of IGL's overall volumes, starting FY25. The stock is the top Midcap loser.
Oct 20, 2023, 10:10 am IST
United Breweries Climbs Nearly 4% On Q2 Earnings
United Breweries rises nearly 4% in early trade following a strong set of second quarter earnings. The stock has snapped its two-day losing streak to become the top gainer on the Midcap Index. The UBL stock is down 4.4% on a year-to-date basis.
Oct 20, 2023, 9:51 am IST
Morning Market Outlook
V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services said, the US 10-year yield hovering around 5% continues to be a headwind for equity markets. The volatile situation in West Asia, though being largely ignored by the market now, can pose additional near-term challenges. FPIs are likely to remain sellers putting pressure on banking stocks which constitute the major share of their AUM. This provides an opportunity for domestic investors to buy these stocks which are available at fair valuations.
Latest data shows that India’s food grain production is at record high and this can keep food inflation under control. The implication is that the MPC will go for a long pause and this is favourable for banking stocks.
Oct 20, 2023, 9:47 am IST
USD-INR Outlook
Expect consolidation in the vicinity of 83.14 initially. Trading boundaries are now set at 83.07 on the downside and 83.26 on the upside, with 83.20, appearing as a potential turnaround point for the day, said Anand James, Chief Market Strategist at Geojit Financial Services.
Oct 20, 2023, 9:46 am IST
Nifty Derivative Outlook Today
Nifty weekly contract has highest open interest at 19650 for Calls and 19600 for Puts while monthly contracts have highest open interest at 19800 for Calls and 19500 for Puts. Highest new OI addition was seen at 19650 for Calls and 19600 for Puts in weekly and at 19600 for Calls and 18000 for Puts in monthly contracts. FIIs increased their future index long position holdings by 4.93%, decreased future index shorts by 3.36% and increased index options by 30.55% in Call longs, 4.35% in Call short, 0.43% in Put longs and decreased 24.54% in Put shorts, said Anand James, Chief Market Strategist at Geojit Financial Services.
Oct 20, 2023, 9:46 am IST
Nifty Outlook Today
Anand James, Chief Market Strategist at Geojit Financial Services said, The 19650 region reversed its role and acted as a stiff challenge to upswings, that unfolded after testing our first support of 19500. This underlines the bearish undercurrents that had restrained Nifty from pushing beyond the 19800- 840 barrier all through this week despite several attempts. This keeps the ongoing slide to continue in play, aiming 19500 again or 19350 before attempting a swing higher. Alternatively, early pull back above 19600/620 region signal renewed buying interest that could challenge the 17840 obstacle successfully.
Oct 20, 2023, 9:23 am IST
Market Opens With Cuts, Nifty Below 19,550
Sensex and Nifty open with cuts on Friday, Nifty slides below 19,550, while Sensex opens nearly 200 points lower. 46 out of the 50 Nifty stocks start the trading session in the negative territory. Nifty Bank near 43,600.
Oct 20, 2023, 8:43 am IST
Maharatna NTPC Declares Record Date For Interim Dividend
Shares of large cap Maharatna power sector company, NTPC Ltd will remain in limelight today after the company fixed November 4, 2023 as the record date for payment of dividend on Thursday. The last trading price of NTPC share on BSE is Rs 239.30 per share. Board of directors of NTPC will meet on October 28, 2023 to consider and approve un-audited Financial results of the company for the quarter and half year ended September 30, 2023. Interim dividend on the equity share capital of the company for 2023-24 may also be considered in the same meeting.
Oct 20, 2023, 8:39 am IST
Nestle India Shares To Be In Focus After Strong Q3, Rs 140/Share Dividend
Shares of Nestle India will remain in focus today after the company announced strong quarterly results, Rs 140/share dividend, and 1:10 stock split. Nestle India Limited on Thursday declared a surge of 37% in its consolidated net profit to Rs 908 crore for the third quarter of this year as against Rs 668.3 crore declared an year ago. It announced a total revenue of Rs 5036 crore, up 9.5% as compared to Rs 4,601.8 crore a year ago, as per the BSE filing issued today.
Oct 20, 2023, 8:36 am IST
Tata Motors To Acquire 26.79 Pc Stake In Freight Tiger, Shares To Be In Focus
Tata Motors said on Thursday it has entered into a pact to acquire a 26.79 per cent stake in digital platform Freight Tiger for Rs 150 crore. The company and Freight Commerce Solutions have inked a securities subscription agreement (SSA) and a shareholders agreement (SHA) for the acquisition of the stake in Freight Tiger, according to the regulatory filing of the Tata Motors.
US Fed chair Jerome Powell's speech late Thursday would be key trigger for the market as it will provide some clarity over future interest rate hike. This along with the escalating situation in middle east, would keep market sentiments subdued. Thus we advise investors to stay cautious in near term. On the result front, Dalmia Bharat and ultratech reported healthy numbers. Even in 2W space Bajaj Auto posted good set of number. Thus, we expect Cement and Auto sectors to remain in focus.
Oct 20, 2023, 8:26 am IST
Sensex Today: Vinod Nair, Head of Research at Geojit Financial Services
Amid increasing global political strain, US treasury yield, and underwhelming IT earnings, the domestic market continued to trade with a minor cut. However, some optimism was evident in the equity market given global efforts to stabilize the West Asia conflict, which deescalated crude prices trend. Auto sector stocks outperformed, driven by Q2 results outcome. Investors are closely monitoring the Q2 earnings season, US Fed chair speak and West Asia developments.
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